Indiabulls Housing tanks 9% on reports of PIL against company, promoters

The company said the PIL was leaked in social media with malicious intent, and that it is determined to fight out the petitioners in the court

Indiabulls Housing Finance crashed 9 per cent to Rs 406.20, hitting its fresh 52-week low, on the BSE on Friday on reports that a public interest litigation (PIL) has been filed against the company and its promoters in Delhi High Court on allegations of siphoning-off of funds.

According to a CNBC-TV18 report, the PIL seeks Special Investigation Team (SIT)-led investigation into the alleged violations and offences. It also alleges inaction by regulators such as Reserve Bank of India (RBI), Securities and Exchange Board of India (SEBI), Serious Fraud Investigation Office (SFIO), Registrar of Companies (ROC), and National Housing Bank (NHB).